{"id":27504,"date":"2018-10-23T14:28:50","date_gmt":"2018-10-23T08:58:50","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=27504"},"modified":"2018-10-23T14:28:50","modified_gmt":"2018-10-23T08:58:50","slug":"tax-break-to-unlock-oil-gas-worth-rs-50-lakh-crore-boost-for-ongc-cairn","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/tax-break-to-unlock-oil-gas-worth-rs-50-lakh-crore-boost-for-ongc-cairn\/","title":{"rendered":"Tax break to unlock oil, gas worth Rs 50 lakh crore; boost for ONGC, Cairn"},"content":{"rendered":"<p><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/tax-break-to-unlock-oil-gas-worth-rs-50-lakh-crore-boost-for-ongc-cairn\/articleshow\/65788175.cms\"><strong>Tax break to unlock oil, gas worth Rs 50 lakh crore; boost for ONGC, Cairn <\/strong><\/a><\/p>\n<p><strong>News<\/strong><strong>:<\/strong><\/p>\n<ol>\n<li>The cabinet approved fiscal incentives to unlock oil and gas by attracting investments and technology to raise the output of ageing oil fields.<\/li>\n<\/ol>\n<p>Important Facts:<\/p>\n<ol start=\"2\">\n<li>\u00a0Fiscal incentives worth Rs 50 lakh crore over the next 20 years will be provided by government to enhance oil and gas recovery.<\/li>\n<li>Incentives will include lowering cess by half and 75% discount on royalty.<\/li>\n<li>Enhanced oil and gas recovery will be obtained from ageing fields as well as new sources such as shale, hydrates and heavy oil.<\/li>\n<li>Under the new policy, every field will be assessed for its potential for enhanced recovery, the technology required and the fiscal incentives needed to make it viable.<\/li>\n<li>The policy will benefit both the state firms and private parties.<\/li>\n<li>Policy also provides mandatory screening of fields through designated institutions, to be notified by government.<\/li>\n<li>Pilot studies will also be conducted before actual implementation of enhanced recovery project on commercial level.<\/li>\n<li>Implications of the move:<\/li>\n<\/ol>\n<ul>\n<li>The move can raise the production of oil by 120 million tonnes and gas by 52 billion cubic metres over the next 20 years.<\/li>\n<li>Attract big investments and cutting-edge technology into the sector to improve India\u2019s hydrocarbons recovery.<\/li>\n<\/ul>\n<ol start=\"10\">\n<li>Challenges for Enhanced Recovery (ER)<\/li>\n<\/ol>\n<ul>\n<li>ER is capital intensive, technologically complex and calls for supporting infrastructure, logistic support, fiscal incentives and enabling environment.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Tax break to unlock oil, gas worth Rs 50 lakh crore; boost for ONGC, Cairn News: The cabinet approved fiscal incentives to unlock oil and gas by attracting investments and technology to raise the output of ageing oil fields. Important Facts: \u00a0Fiscal incentives worth Rs 50 lakh crore over the next 20 years will be&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/tax-break-to-unlock-oil-gas-worth-rs-50-lakh-crore-boost-for-ongc-cairn\/\">Continue reading <span class=\"screen-reader-text\">Tax break to unlock oil, gas worth Rs 50 lakh crore; boost for ONGC, Cairn<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-27504","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704865698},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=27504"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27504\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=27504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=27504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=27504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}